The world's largest drink maker is trying to keep up with shifting consumer tastes as volume declines in North America reached 1 percent in the most recent quarter.

The company said Tuesday that it would intensify its cost-cutting to produce another $1 billion in savings by 2016, much of which would be reinvested into marketing.

Waller, 55, started her career at Coca-Cola in 1987 as a senior accountant. She has managed the company's internal audit process and finance department. As CFO, she will report directly to CEO Muhtar Kent.

Fayard, 62, joined Coca-Cola in 1994. He became CFO in 1999. He is also currently executive vice president of the company.

Besides its namesake soda, the Atlanta company also makes Sprite, Dasani, Vitaminwater and other drinks.